DOS_patos
Unverified Legion of Trill member
In a supernormal rally that almost lost ethereum its silver spot, ripple (XRP) gained about 100 percent in a week.
But, what were the reasons behind the XRP’s bullish behavior? So far, no technical aspects could explain it, so CCN dug into the fundamentals instead. And, to begin with, we found several that correlated with the XRP rally.
View photos
Fundamental Factor 1: Launch of xRapid Solution
The news of the xRapid launch surfaced first on CCN on Sept. 17, when XRP was trending sideways against USD. The value began trending upwards just at the beginning of the next day’s session, establishing a new intraday high towards $0.33990-fiat from the low of 0.26627-fiat.
Fundamental Factor 2: Coil and PNC Announcement
On Sept. 20, another Ripple-centric news that surfaced on the web was PNC-related. The $380 billion US banking giant joined RippleNet to enable near-instant money transfers with on-demand liquidity and end-to-end tracking on a blockchain. The partnership, however, does not guarantee a boost in XRP adoption. Nevertheless, it positioned XRP’s largest holder, Ripple Labs, as a company with a big future ahead — something that could have excited the traders speculating on XRP.
The Concluding Fundamental Factor: FOMO
When an asset keeps breaking its crucial resistance levels one after another, day traders mainly go long on their positions in “fear of missing out” on profits. XRP traders seem to have undergone a bullish transformation after witnessing an impressive rally after weeks of a downward trend. Ripple has brought back the buying sentiment in the market, and all the top coins went green as it mooned.
View photos
XRP/USD formed higher highs towards 0.79162-fiat. Since then, the pair has corrected almost 27 percent. Those who entered long anywhere below the current value could attempt to exit their positions on a decent profit, causing a minor sell-off towards 0.54490-fiat, the support level from late May. A breakdown from there could push XRP/USD further down towards 0.45627-fiat, the support from early April that influenced a sharp rally towards 0.96635.
While returning to its bearish sentiment, the pair would need to invalidate the two support levels mentioned above. The launch of xRapid next month, meanwhile, would promise a positive buying scenario overall.
But, what were the reasons behind the XRP’s bullish behavior? So far, no technical aspects could explain it, so CCN dug into the fundamentals instead. And, to begin with, we found several that correlated with the XRP rally.
View photos
Fundamental Factor 1: Launch of xRapid Solution
The news of the xRapid launch surfaced first on CCN on Sept. 17, when XRP was trending sideways against USD. The value began trending upwards just at the beginning of the next day’s session, establishing a new intraday high towards $0.33990-fiat from the low of 0.26627-fiat.
Fundamental Factor 2: Coil and PNC Announcement
On Sept. 20, another Ripple-centric news that surfaced on the web was PNC-related. The $380 billion US banking giant joined RippleNet to enable near-instant money transfers with on-demand liquidity and end-to-end tracking on a blockchain. The partnership, however, does not guarantee a boost in XRP adoption. Nevertheless, it positioned XRP’s largest holder, Ripple Labs, as a company with a big future ahead — something that could have excited the traders speculating on XRP.
The Concluding Fundamental Factor: FOMO
When an asset keeps breaking its crucial resistance levels one after another, day traders mainly go long on their positions in “fear of missing out” on profits. XRP traders seem to have undergone a bullish transformation after witnessing an impressive rally after weeks of a downward trend. Ripple has brought back the buying sentiment in the market, and all the top coins went green as it mooned.
View photos
XRP/USD formed higher highs towards 0.79162-fiat. Since then, the pair has corrected almost 27 percent. Those who entered long anywhere below the current value could attempt to exit their positions on a decent profit, causing a minor sell-off towards 0.54490-fiat, the support level from late May. A breakdown from there could push XRP/USD further down towards 0.45627-fiat, the support from early April that influenced a sharp rally towards 0.96635.
While returning to its bearish sentiment, the pair would need to invalidate the two support levels mentioned above. The launch of xRapid next month, meanwhile, would promise a positive buying scenario overall.